Daily ETF Roundup: UCO Pops As Crude Tops $106, IBB Rallies

ETF Database

Jul. 10, 2013, 5:29 PM

U.S. equities ended the day barely changed as investors turned their focus to the the latest FOMC minutes and Ben Bernanke's press conference. The minutes hinted that central bank officials are divided on when the Fed should begin scaling back its massive bond-buying program. The minutes stated that "Several members judged that a reduction in asset purchases would likely soon be warranted, but many members indicated that further improvement in the outlook for the labor market would be required before it would be appropriate to slow the pace of asset purchases." [see The Cheapest ETF for Every Investment Objective].

Global Market Overview: UCO Pops As Crude Tops $106, IBB Rallies

Following a lackluster trading session, only two major U.S. equity indexes managed to close in positive territory. The Dow Jones Industrial Average ETF (DIA, B) slipped 0.05% after its underlying index snapped its four-day win streak. The S&P 500 ETF (SPY, A) edged 0.04% higher, while the tech-heavy Nasdaq ETF (QQQ, A-) gained 0.57%.

Crude oil futures surged past $106 a barrel today to settle at their highest level in 15 months after the U.S. Energy Information Administration reported a 9.9 million-barrel decline in stockpiles for the week ended July 5. In other energy trading, gasoline futures rose 3% after the EIA reported supplies falling by 2.6 million barrels. Meanwhile, gold futures rose on Fed minutes.

The Ultra DJ-UBS Crude Oil ETF (UCO, B+) was one of the best performers today, gaining 3.20% during the session. As crude oil rallied to close above $106 a barrel, this ETF gapped significantly higher at the open. UCO inched higher throughout the majority of the day, eventually settling at $35.78 a share [see Futures Free Commodity ETFdb Portfolio].

The Nasdaq Biotechnology Index Fund ETF (IBB, A-) also posted a strong performance today, gaining 1.17% during the session. Biotech and healthcare shares were among today's top performers, allowing this ETF to rally throughout the session. IBB eventually settled at $184.62 a share [see Baby Boomers ETFdb Portfolio].

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